Who can use ITR 3 for online return filing?

ITR filing of partners of FirmIncome Tax returns filing has to be done in Income Tax Forms which is provided by the IT Department and applicable to assessee according to the income earned. Now-a-days the process of filing is too easy and hassle free for the assessees. A detailed view has been given about ITR-3 Form.

Who can use ITR 3 ?

A person being an Individual or HUFs who is a partner in a firm is required to use ITR 3 form.

Who cannot use ITR 3 ?

ITR 3 should not be used by an individual whose total income during the previous year includes Income from Business or Profession under any proprietorship.

Income showed under ITR 3 Form

Income chargeable to income-tax earned by way of

  • Interest
  • Salary
  • Bonus
  • Commission or
  • Remuneration

By whatever name called, due to, or received by Individual or HUF from such firm. Income chargeable to income-tax under the head “Profits or gains of business or profession” should not include any income except the income stated above.

Moreover, if partner in the firm does not have any income by way of interest, salary, etc. from the firm and has only exempt income i.e., share in the profit of the firm then he shall use Form ITR  3 only and not any other ITR Form.

Other Points:

  1. No document is required to be attached to any ITR Forms.
  2. ITR 3 form can be submitted (at the assessee’s option) either in paper format or electronic format (with or without digital signature).

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